Important Updates On GST Return And Audit For FY 21

Filing GSTR-9/9A is mandatory for those who are going through the GST return filing. As per the Government rule, business groups who have an annual turnover of more than 5 crore can self-certify their annual return now. 

What is A GST return?

The GST is a document that is filled up with income, sales, purchase, expenses of a particular taxpayer. These documents are required by tax authorities for next tax liability. 

As per the GST, a registered dealer has to file the GST returns:

1. Sales 2. Purchase 3. Output GST 4. Input Tax Credit

How Can You Process a GST return?

GST has a total 26 forms to be submitted. GST rule says, people who have more than Rs. 5 crore as turnover are bound to file two monthly returns and one annual return. Under the QRMP scheme, you need to submit the quarterly GSTR-1 files. Here one point to be noted that public limited companies after public limited company registration, can file for GST.  

How Many GST Returns Are There?

From GSTR 1 to GSTR 11, there is an entire list of 11 GSTR files. 

While filing the GST return online, you have to take care under which GST category, you have to file it.

What Are The New Topics And Updates Under The GST Regime 2021

• 30th July 2021: Persons whose earning is up to the limit of 2 crore is exempted from filing GSTR 9 in FY 21.
• Section 35(5) is excluded and Section 44 is amended as per the GST act.
• Persons whose income is up to 5 crore is not required to file GSTR- 9C.
• 30th June 2021: Any late fee charged for non-compliance is waived.
• 1st June 2021:  Have a look at the CBIC summary: There is an amendment of Section 50 under Finance Act 2021. 
• Interest and Relief for Persons whose GST Registration Date was March, April, May 2021.
• The Annual Return for GSTR 4 is 31st July 2021.
• The reduced late fee for GSTR 1 and GSTR 3B from June 2021.
• The maximum late fee for GSTR 4 return is restricted upto Rs. 500.
• 28th May 2021: The 43rd GST council meeting was held on 28th May 2021. The meeting was chaired by Nirmala Sitaraman. 
• 1st February 2021: The budget session was held on 1st February 2021. As per the Budget announcement, Section 16 is amended as per GSTR 2A and  GSTR 2B.
• The Section 50 of the CGST Act amended.
• The Section 7 of CGST Act amended as per including a new clause under the supply. 

These are the overall brief updates of GST return and registration as per FY 21.

How Can Online Legal India™ Help You With GST Registration?  

After reading the blog from the first paragraph, you may have understood that GST filing is not that easy a process. You have to go through the GST registration first, then you may have to go through GST nil return, GST modification and so on.

So, for any GST related problems, be it GST registration or for GST filing online or for how to GST return filing online In India, you can take the support from Online Legal India™ experts.

Conclusion

It is the duty of all the persons who are in the GST procedure, to remain updated with the GST procedure. So, read the blog attentively to get every update about GST.